Rs falls 7 paise to 83.52 against dollar

Mumbai: The rupee pared its initial gains and settled for the day 7 paise lower at 83.52 against the US dollar on Monday, weighed down by elevated crude oil prices.

Forex traders said a weak trend in domestic equities also dented investor sentiments.

At the interbank foreign exchange, the local unit opened at 83.43, then touched an intra-day high of 83.42 and a low of 83.50 against the

greenback.

The rupee finally settled at 83.52 against dollar, registering a fall of 7 paise over its previous close.

On Friday, the rupee inched up 1 paisa to settle at 83.45 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06 per cent higher

at 105.09.

Meanwhile, India’s forex reserves dropped $2.412 billion to $637.922 billion as on April 26, in the third consecutive weekly decline in the reserves, the RBI said on Friday.